ISRG
INTUITIVE SURGICAL INC
Healthcare • CIK: 0001035267
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Market Cap
$164.24B
P/E (TTM)
55.1x
Rev Growth (TTM)
+21.4%
Net Margin (TTM)
28.2%
FCF Yield (TTM)
1.7%
FCF Margin (TTM)
26.8%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$2.8B
Q1 '26
$809M+11%
Q4 '25
$730M-1%
FCF Margin
TTM26.8%
Q1 '2629.2%+15%
Sector: 0.0%Top 10%
OCF Margin31.8%
OCF/NI1.13x
CapEx Coverage6.4x
FCF Yield1.7%
FCF Growth (2Y)+41%
Cash Conversion Cycle
199 days
DSO: 47+DIO: 180−DPO: 29
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.1%
Div Yield0.0%
+Buyback (TTM)2.1%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$2.8B
Stock Repurchases (TTM)$3.4B
Capital Return / FCF120.6%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
15.4%
Stable
+0.0% YoY+3.6%
P25MedianP75
75th pctl (med: -0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
25.5%
8Q: 25.2%
Asset Turnover
0.53x
8Q: 0.50x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 13.5% ≈ 15.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
2.05x
8Q:2.01x
+9.9%
Invested Cap Turn
0.84x
8Q:0.83x
+5.6%
CapEx Intensity
4.2%
8Q:5.1%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $10.6B | $2.8B↓3.3% | $2.9B↑14.4% | $2.5B↑2.7% | $2.4B↑8.3% | $2.3B↓6.6% | $2.4B↑18.4% | $2.0B↑1.4% | $2.0B |
Operating Income | $3.2B | $855.3M↓1.0% | $864.3M↑13.8% | $759.7M↑2.2% | $743.4M↑28.6% | $578.1M↓21.3% | $734.9M↑27.3% | $577.3M↑1.8% | $567.3M |
Net Income | $3.0B | $821.5M↑3.4% | $794.8M↑12.8% | $704.4M↑7.0% | $658.4M↓5.7% | $698.4M↑1.9% | $685.7M↑21.3% | $565.1M↑7.2% | $526.9M |
Operating Cash Flow | $3.4B | $911.9M↑2.2% | $892.5M↑6.1% | $841.0M↑17.6% | $715.4M↑23.0% | $581.6M↓29.3% | $822.6M↑16.4% | $706.5M↑13.9% | $620.5M |
Free Cash Flow | $2.8B | $808.6M↑10.8% | $730.0M↓0.8% | $735.6M↑31.3% | $560.1M↑20.5% | $465.0M↓8.9% | $510.6M↑11.3% | $458.6M↑47.4% | $311.1M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
55.1x
Volatile
8Q: 262.2x-8954%
Valuation Lenses
Earnings
55.1x
vs – sector
Cash Flow
56.1x
EV/FCF vs –
Growth-Adj
2.7xPEG
Expensive for growth
Quality-Adj
3.6P/E per %ROIC
ROIC: 15.4%
Shareholder Returns
Dividend
–
Buyback
2.1%
Total Yield
2.1%
Market Cap$164.24B
EV$159.03B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
90/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
17.1%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.4%
8Q:–
+3.6%
vs Sector:-0.0%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 25.5%
Asset Turnover: 0.53x
Earnings Quality
Cash Conversion
1.13x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin66.3%
Capital Efficiency
Invested Capital Turnover0.84x
Working Capital
Cash Conversion Cycle199 days
Growth Quality & Momentum
Quality Growth
Growth Quality Score
80/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
21.4%
OpInc Growth YoY
48.0%
EPS Growth YoY
20.6%
FCF 3Y CAGR
41.2%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
✓Sustainability Index: 8.5/10 - Highly sustainable growth
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
66.3%
Operating
30.5%
Top 25% in sector
Net
28.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-1.4 pts
FCF: 26.8% | Net: 28.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $4.56B
Interest Coverage
–
+Net cash position: $4.56B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis